Everyone who wants one already has one, and it's not the kind of thing you need to upgrade every year. I'll keep using my Instant Pot for the next 10 years, but that won't help Instant Brands make money.
The article itself and mikeyouse's comment explain the situation most clearly. Standard PE financial (over)-engineering was the primary cause of their problems.
Slowing sales obviously don't help, but changes in the macro-environment can typically be weathered if the companies' financials are appropriately managed.
They're supposed to have recurring maintenance fees. One might do the maintenance themselve, but a significant part of the user base will ask a shop to do it, probably the dealer where they bought it.
> furniture, kitchen appliances, other home appliances
On the higher end it survives by charging years worth of purchase. Like a 4000 bucks oak dining table. Kitchen appliance also either cost an arm and a leg or won't last for 10 years (including buying replacement for the perishable parts)
The lower end is the market IKEA dominates.
> television
They exactly saw this problem front and center and started pivoting to selling viewing data and pushing ads, getting "smart"
> computers
That's exactly why companies (the biggest cmputer purchasers) are led to leases instead of purchases, and those renew every 3 years. On the user side cheaper computers are also the mainstream, and people don't expect those to last 10 years.
The instant pot is like the Bialetti Moka pot - it's a simple device, that doesn't wear down quickly and isn't used enough to wear it down quickly. New devices don't differentiate nearly enough. And the used market is likely flooded with cheap ones that others stopped using.